U.K.-based film/TV financing company, Piccadilly Pictures, is setting up an Asia-Pacific division as part of the sale of a majority stake to London/Singapore-based 108 Media.

The new company, based in Singapore, was announced out of London yesterday.

108 Media’s Singapore-based president, Justin Deimen, said in the announcement that as Asia’s participation in the global co-production boom grew, so did its need “for visible and sophisticated media financing solutions”.

Deimen said Piccadilly Pictures in Asia would be working with government entities to cash flow tax credits and rebates for local and international productions in the APAC region

He added that the company would tailor financing packages for budgets in Asia consistent with production realities on the ground in the region.

Piccadilly Pictures APAC would also cash flow presale papers from distributors and platforms in Asia and finalise pipeline output deals against unsold rights with channels and platforms to create more co-production opportunities with buyers and producers globally, he added.

Piccadilly Pictures’ co-founders Christopher Figg and Robert Whitehouse will continue to lead the company.